Blockchain is profoundly changing how the world works, and how business gets done. Maritime applications of blockchain can bring multiple benefits to importers, exporters, terminals, transporters and ship owners. Blockchain technology has the potential to increase efficiency and lower costs in the exchange of goods and shipments, while increasing trust and resilience throughout business networks. In just the last few years, some of the most important shipping companies, such as Maersk, Hyundai Merchant Marine, and Maritime Silk Road Platform have teamed up with tech giants to create blockchain shipping systems to streamline their logistics, reduce administrative costs, and safeguard against cybercrime.
As marine shipping companies and ports around the world begin to embrace blockchain, terminal operators need to understand this trend and how it is affecting the way their partners and their customers will increasingly want to do business. This year, ILTA is pleased to be bringing a new, world-class training course to our annual post-conference training. Instructors from the prestigious Nautical Institute, headquartered in the United Kingdom, will be with us in Houston to help 30 industry professionals learn how blockchain technology can open up new opportunities for terminals, ports, and shippers.
What Is Block Chain?
Blockchain provides an efficient, cost-effective, reliable, and secure system for conducting and recording data documenting financial transactions. It provides a framework for producing a shared, immutable ledger for recording transactions and tracking assets. Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
Traditional methods require participants on either side of a transaction to maintain separate ledgers and other records, leading to duplication. For complex supply chains, this duplication is compounded at every step. Traditional methods may also involve intermediaries that charge fees for their services, adding costs. Moreover, traditional transaction records can be compromised by fraud, cyberattack – or simple mistakes – that can affect the entire business network.
With blockchain, transactions are secure, authenticated, and verifiable. Blockchain avoids many of the problems of traditional ledgers and recordkeeping problems by giving participants the ability to share a ledger updated through peer-to-peer replication each time a transaction occurs.
Blockchain can deliver specific business benefits, including:
To register for this year’s special post-conference training Blockchain for Maritime Professionals, please visit www.ilta.org.